A chose in action is essentially a right to sue. It is an intangible personal property right recognized and protected by the law, that has no existence apart from the recognition given by the law, and that confers no present possession of a tangible ob
Nebraska Assignment of Money Judgment is a legal process that allows individuals or businesses (the assignor) to transfer the rights to collect a court-awarded money judgment to another party (the assignee). By doing so, the assignor can effectively assign their rights to receive the debt owed to them to the assignee. This arrangement is typically used when the original judgment creditor prefers to receive the monetary value of the judgment upfront, rather than waiting for the debtor to make payments over time. To initiate the Nebraska Assignment of Money Judgment, the assignor and assignee must enter into a written agreement known as an Assignment of Judgment. This document specifies the details of the transfer, including the amount of the judgment, the names of the parties involved, and any additional terms and conditions. The Assignment of Judgment needs to be properly executed and notarized to ensure its legal validity. There are a few different types of Nebraska Assignment of Money Judgment that exist, each serving a specific purpose depending on the circumstances: 1. Complete Assignment: This type involves the transfer of the entire judgment amount from the assignor to the assignee. With a complete assignment, the assignee assumes all rights and responsibilities related to collecting the debt. 2. Partial Assignment: In a partial assignment, only a portion of the judgment amount is transferred to the assignee. This can be a mutually beneficial arrangement if the assignor prefers to retain some judgment for themselves while still receiving a lump sum payment from the assignee. 3. Prioritized Assignment: With a prioritized assignment, the assignor designates a specific order for debt collection. This means that if multiple assignments exist for the same judgment, the assignee with the highest priority will be paid first, followed by subsequent assignees in order of priority. 4. Revocable Assignment: This type allows the assignor to revoke or cancel the assignment at any time before the assignee has fully collected the assigned judgment amount. It provides the assignor with a level of flexibility if circumstances change or if they decide to pursue collection themselves. It is important to note that the Nebraska Assignment of Money Judgment does not absolve the original judgment creditor of their obligations. If the assigned judgment does not get collected fully by the assignee, the assignor may still be responsible for pursuing the remaining amount owed or taking further legal action. In summary, the Nebraska Assignment of Money Judgment is a legal mechanism that enables the transfer of rights to collect a court-awarded money judgment from the assignor to the assignee. Different types of assignments exist, including complete, partial, prioritized, and revocable assignments, allowing parties to tailor the transfer to their specific needs and circumstances.
